Company Registration No. 06995902 (England and Wales)
Safe Gas Cylinders Limited
Unaudited accounts
for the year ended 31 January 2018
Safe Gas Cylinders Limited
Unaudited accounts
Contents
Safe Gas Cylinders Limited
Company Information
for the year ended 31 January 2018
Directors
Lisa Curtis
Christina King
Robert Redmond
Company Number
06995902 (England and Wales)
Registered Office
Elba Park Swansea Gate Business Park
Crymlyn Burrows
Swansea
C&C OF Swansea
SA1 8QJ
UK
Accountants
Daniel Perrin & Co Limited
9 Stanley Place
Cadoxton
Neath
West Glamorgan
SA10 8BE
Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Safe Gas Cylinders Limited
for the year ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Safe Gas Cylinders Limited for the year ended
31 January 2018 as set out on pages
5 -
8 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html
This report is made solely to the Board of Directors of Safe Gas Cylinders Limited, as a body, in accordance with the terms of our engagement letter dated 4 June 2018. Our work has been undertaken solely to prepare for your approval the accounts of Safe Gas Cylinders Limited and state those matters that we have agreed to state to the Board of Directors of Safe Gas Cylinders Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Safe Gas Cylinders Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Safe Gas Cylinders Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Safe Gas Cylinders Limited. You consider that Safe Gas Cylinders Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Safe Gas Cylinders Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Daniel Perrin & Co Limited
Chartered Certified Accountants
9 Stanley Place
Cadoxton
Neath
West Glamorgan
SA10 8BE
4 June 2018
Safe Gas Cylinders Limited
Statement of financial position
as at
31 January 2018
Tangible assets
942,021
833,978
Cash at bank and in hand
92,595
211,255
Creditors: amounts falling due within one year
(559,228)
(543,599)
Net current liabilities
(218,378)
(150,002)
Total assets less current liabilities
723,643
683,976
Creditors: amounts falling due after more than one year
(388,343)
(144,395)
Provisions for liabilities
Deferred tax
(14,638)
(61,974)
Net assets
320,662
477,607
Called up share capital
1
1
Profit and loss account
320,661
477,606
Shareholders' funds
320,662
477,607
For the year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 4 June 2018.
Robert Redmond
Director
Company Registration No. 06995902
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2018
Safe Gas Cylinders Limited is a private company, limited by shares, registered in England and Wales, registration number 06995902. The registered office is Elba Park Swansea Gate Business Park, Crymlyn Burrows, Swansea, C&C OF Swansea, SA1 8QJ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight line
Motor vehicles
20% Reducing balance
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2018
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 February 2017
489,302
483,441
61,048
1,033,791
Additions
375,678
75,761
-
451,439
Disposals
-
(483,441)
-
(483,441)
At 31 January 2018
864,980
75,761
61,048
1,001,789
At 1 February 2017
-
159,831
39,982
199,813
Charge for the year
-
7,576
12,210
19,786
On disposals
-
(159,831)
-
(159,831)
At 31 January 2018
-
7,576
52,192
59,768
At 31 January 2018
864,980
68,185
8,856
942,021
At 31 January 2017
489,302
323,610
21,066
833,978
Trade debtors
6,290
38,377
Accrued income and prepayments
2,000
4,000
Other debtors
239,965
139,965
6
Creditors: amounts falling due within one year
2018
2017
Bank loans and overdrafts
11,552
11,552
Trade creditors
2,941
23,190
Taxes and social security
10,808
30,701
Other creditors
533,927
478,156
7
Creditors: amounts falling due after more than one year
2018
2017
Bank loans
388,343
144,395
8
Share capital
2018
2017
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
Safe Gas Cylinders Limited
Notes to the Accounts
for the year ended 31 January 2018
9
Transactions with related parties
The director, Mr Robert Redmond of Safe Gas Cylinders Limited was also the director of Bristol Pub Gas Limited, Surface Industries Limited and Rredmond Holdings during the period.
During the year Safe Gas Cylinders Limited made a loan to Surface Industries Limited. The balance owed to Safe Gas Cylinders Limited by Surface Industries Limited at the balance sheet date was £20,600 (2017: £20,600).
During the year Safe Gas Cylinders Limited made a loan to Rredmond Holdings Limited. This is a company under control of Mr Robert Redmond. The balance owed to Safe Gas Cylinders Limited by Rredmond Holdings Limited at the balance sheet date was £119,705 (2017: £119,705).
During the year Safe Gas Cylinders Limited received a loan from Bristol Pub Gas Limited. This is a company under the control of Mr Robert Redmond. The balance owed by Safe Gas Cylinders Limited to Bristol Pub Gas Limited at the balance sheet date was £98,002 (2017: £98,002).
The company considers Rredmond Holdings Limited to be the ultimate controlling party by virtue of their 100% shareholding in the current and previous year.
11
Average number of employees
During the year the average number of employees was 4 (2017: 4).
12
Reconciliations on adoption of FRS 102
No transitional adjustments were required.